Minot, ND Housing Market

Market Overview

Minot’s PropertyIQ Score of 68 out of 100 places the market in moderate-to-solid territory. The score is supported by a 12-month home value momentum of 5.75%, which shows prices have appreciated over the past year. However, the 3-month home value momentum of -0.31% indicates that recent price movement has turned slightly negative. Median days on market of 46 and a price-cut share of 18.2% also suggest a market that is active but not overheated. Together, these drivers point to a market with annual gains but some near-term cooling.

Against statewide benchmarks, Minot looks relatively affordable on the ownership side. The median home value of $269,993 is below the state average of $292,293 by roughly $22,300. At the same time, the rent index of $1,261 is well above the state average of $954, a gap of $307. Median household income in Minot is $78,200, slightly above the state figure of $76,657, and the unemployment rate is 2.2%, matching the state average. With 176 homes for sale, the market offers a moderate level of inventory, while 46 days on market and the 18.2% price-cut share indicate that sellers may need to be flexible on pricing.

Key Trends

The first trend is a divergence between annual and quarterly price momentum. The 12-month home value momentum of 5.75% shows meaningful appreciation over a longer window, but the 3-month momentum of -0.31% points to a slowdown or slight pullback in the most recent period. The year-over-year home value change is listed as $14, which reinforces the picture of limited absolute movement in dollar terms. This combination suggests that much of the annual gain may have occurred earlier in the year, with conditions cooling more recently.

A second trend is moderation in market pace. The median days on market of 46 days means homes are taking roughly a month and a half to sell. The share of listings with a price cut of 18.2% indicates that nearly one in five sellers has reduced the asking price. Combined with 176 homes for sale, this points to a market where buyers have some negotiating room and sellers cannot assume rapid bidding wars.

A third trend is stronger rental performance relative to the state. Minot’s rent index of $1,261 is $307 above the state average of $954. Because the median home value of $269,993 is below the state average of $292,293, the market may offer a comparatively favorable rent-to-price relationship for rental property owners. That said, the data does not include operating costs or vacancy rates, so this is a directional signal rather than a guaranteed return.

A fourth trend is solid local economic fundamentals. The unemployment rate of 2.2% matches the state average and is low in absolute terms. Median household income of $78,200 is slightly above the state average of $76,657. These metrics support housing demand, although population growth data is not available, so the demographic demand outlook cannot be fully assessed from the provided figures.

Who Is This Market For

This market may suit first-time buyers looking for a lower entry price relative to the rest of the state. With a median home value of $269,993 and a median household income of $78,200, the ownership cost burden appears more manageable than the statewide median home value of $292,293 against a similar income level. The 46 days on market and 18.2% price-cut share also give first-time buyers a bit more time and negotiation power than they might have in a faster-moving market.

Buy-and-hold investors may also find Minot worth a closer look. The rent index of $1,261 is significantly above the state average of $954, while the median home value is below the state average. This combination can support rental income relative to purchase price, which is often a key consideration for investor buyers. However, the 3-month home value momentum of -0.31% suggests that investors should not rely on rapid short-term price appreciation.

Move-up buyers and those seeking value compared with statewide prices may be drawn to Minot’s lower median home value. The limited inventory of 176 homes for sale, however, could mean fewer choices in certain price ranges. Households needing to sell an existing home should also account for the 46-day median time on market and the 18.2% share of listings with price cuts, which suggest a more patient sales process.

Outlook

The near-term outlook for Minot is best described as balanced to slightly cooling. The 12-month home value momentum of 5.75% shows that the market retained positive annual momentum, but the 3-month decline of -0.31% is a signal that price growth has slowed. Median days on market of 46 and a price-cut share of 18.2% point to a market where buyers have more leverage than in a strong seller’s market. At the same time, the 2.2% unemployment rate and median household income of $78,200 provide a stable demand base, and the rent index of $1,261 remains well above the state average, which may continue to attract rental-focused investors. Because population growth data is not available, longer-term demand trends are harder to project. Based strictly on the provided numbers, Minot appears likely to remain a moderate, steady market unless the recent 3-month price softness persists or widens.